Timing for purchasing a house...

Asked by Oddvision, Wed Apr 10, 2013

My family is looking to purchase a single-family home in Fullerton and we already have the 20% down. We are waiting to get pre-approved until the end of April so that credit reports will show recent payments that took our debt-to-credit ratio from 46% to 0% (all credit cards paid in full) since that will bump our scores which are already in the top tier. We are looking on our own online and visiting open houses. Would it be better to get an agent now or wait until we get preapproved?

Also - it looks like houses in the good areas near the best school are going fast... does anyone have any estimates on if there will be more inventory coming up as we get closer to summer?

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Kawain Payne’s answer
Kawain Payne, Agent, Seal Beach, CA
Fri Apr 12, 2013
Hello Oddvision,

Congrats on freeing yourself of your debt!

Homes are moving fast these days, as inventory is low. Well qualified buyers with 20% down such as yourself have a good chance of getting an offer accepted.

Visiting open houses prior to getting pre approved may not be the best way to go. Getting pre approved will give you your budget. You will know exactly what price range to look in. You may find you fall in love with an area by visiting an open house just to find out it is , beyond your budget. Then you will have a hard time finding something you like , because you will feel as if you are settling.

On the flip side, you may avoid an area because you think it is out of you budget , and once you get pre approved find out you can actually buy there.

Think of buying a home as your final exam. Think of the pre approval as your study guide for the final exam. You need to know what to study for before you take the big test. Right?

Much Success To You!!!!!

Best Regards,
Kawain Payne, Realtor
0 votes
Steven Ornel…, Agent, Fremont, CA
Wed Apr 10, 2013
Hi Oddvision:

Get Realtor® representation and a "True Pre-Approval" now! You need to get your "Team" set up.

"Retail Banks vs. Mortgage Broker/Bankers"

Re: "True Pre-Approval" see: http://www.Steven-Anthony.com/GettingStarted

Where to get financing see:
"Retail Banks vs. Mortgage Broker/Bankers"

BTW, you probably did not need to pay off all of your bills; paying down to 25% of the credit limits would have been sufficient and would have provided backup funds to help secure a property, cover any Appraisal deficit or possibly buy-down your interest rate for long term interest savings.

As far as an inventory trend, I'm "slightly more" pessimistic we will see sustained improvement. Sure, we’ll likely see a normal seasonal bump in supply during the September months letting some air out of the Seller’s Market balloon followed by a retracement relatively back to where we are now to close out the year. Why?

Well, with the bulk "Non Performing Note / REO Portfolio program" still in force (this is where Wall St. hedge fund companies can and are buying $100M+ worth of homes that have to be rented for at least five years before being sold) we can expect Supply will continue to be constrained as these properties are purchased and rented out. The program was designed to get rid of all the government supply; however, from a Buyer’s perspective it's easy to understand why this was a very bad move.

0 votes
Abu Musa, Agent, New York, NY
Wed Apr 10, 2013
You may talk to to local real estate agent to find the home.
0 votes
Walter 'Skip'…, Agent, Brea, CA
Wed Apr 10, 2013
Hi Oddvision,
You are correct that Fullerton homes sell very quickly, It is best to work wth an agent and review the inventory daily. I would be happy to set you up to receive a daily report showing available inventory. I grew up in Fullerton attending Troy HIgh, Fullerton College and Calif State University At Fullerton. If you would like my help, just contact me through my profile information.
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Apr 10, 2013
Great job on paying off debts! Now is NOT too soon to find a Realtor. You can't write offers yet but you can certainly explore neighborhoods, preferences, etc.

There is a huge inventory shortage throughout California. Common wisdom is that more homes come on the market as we move into spring and summer, but no one can say for sure.

Good luck out there!
0 votes
Tracy Willia…, Mortgage Broker Or Lender, Newport Beach, CA
Wed Apr 10, 2013
When you paid off your debt, did you close any of your accounts? It's best to work with a lender strategically to maximize your credit score and purchase power. If you closed some accounts, you could possibly have lowered your score.

It's fast and easy to get a complete pre approval today and I'd be happy to help you. Please feel free to give me a call or email me.

Tracy Williams
Mortgage Loan Consultant
Kinecta Federal Credit Union
NMLS# 762891
310 489-2549
0 votes
Joe Van Foss…, Agent, Fullerton, CA
Wed Apr 10, 2013
It's definitely better to get an agent now. That way, you'll be better prepared for when the time comes to make an offer on a home.

More homes generally come onto the market as we get closer to summer. As you've noticed, properties are selling fast, especially the ones associated with the best schools. Working with an agent will ensure you're up-to-the-minute on the current inventory and help you see new listings in time to make an offer.

If you have any questions, please feel free to get in touch


Joe Van Fossen
Keller Williams Realty
0 votes
Sherry Sims, Agent, San Clemente, CA
Wed Apr 10, 2013
Hi Oddvision:
I really think that it's a good idea for you to select a good agent now and begin actually looking at homes for sale. Even though you are doing your homework by viewing them online and preparing for your loan approval, nothing beats seeing these homes in person. You most likely would not be ready to make a decision to purchase until you have actually seen several and you really know how quickly they are selling, how many other people are looking at the same homes that you are, etc.
The end of April will be here in a heartbeat, so my advice is to jump in with both feet, find your agent and start looking. Only then will you really be ready to make the right decision when the right house for you comes along!
If you would like to receive listings by email as soon as they hit the market, I would be more than happy to assist you.
Thank you,
Sherry Sims
0 votes
Andres Moral…, Agent, Tustin, CA
Wed Apr 10, 2013
The time to buy is NOW. Find an agent first he may be able to help you network for better financing terms. Inventory is low and there is no way to tell what the market will do and if they do trust but verify.

Andres Morales
California Real Estate Broker
GRI, E-PRO, S.F.R. , C.H.S. , H.P.S. , C.M.H.S. , S.C.M.S.D.C. , V.O.S.B.


"Andres Can Help"

17291 Irvine Blvd
Suite 202
Tustin, CA 92780
949-306-9260 Direct
714-505-0100 Office
949-259-4550 Fax
0 votes
David Alex W…, Agent, Newport Beach, CA
Wed Apr 10, 2013
Houses are flying and having an agent working with you today is more important than ever. Have your lender update the desktop underwriting for you to reflect your recent changes. I love the websites and advertised on all of them but all my VIP buyers get listings a day or two before the websites you are using. Call if you want a local team getting you listings before everyone else sees them.
0 votes
Samantha Gor…, Agent, Laguna Niguel, CA
Wed Apr 10, 2013
Please give me Loan Officer a call. Nipper Larson IMORTGAGE and do a "Lock and Shop:" loan approval that is good for 150 days. (949)705-0569

Samantha Gorrell, Zip Realty (949)545-6460
0 votes
Joe Homs, Agent, Laguna Hills, CA
Wed Apr 10, 2013

There should be more inventory coming this summer, but the market is on FIRE right now with most propeties getting multiple offers and ALL CASH offers. Get yourself a great Realtor now so that they can explain what is going on and what strategies to use going forward.

Good luck,

Joe Homs, Realtor,
Web Reference:  http://thehomsteam.com
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